Reasons you may need Life Insurance in Waterford

Funeral Cost - When people think about life insurance, the reason for life insurance is usually for funeral cost. No one wants their loved one to have to scrap up money for proper funeral. Funeral expenses can get costly, a funeral cost roughly $7,000-12,000 in Waterford. Life insurance can cover the cost of that for you.

Income Replacement – If you die tomorrow will your family be able to have the financial security they are comfortable with now? Most families now a days are living off two or more paychecks. If one of those paychecks were to disappear that would probably put a financial burden on the family. The payout from life insurance can certainly help with those financial expenses.

Gift / Inheritance – A common reason for purchasing life insurance is to leave something to your loved ones when you pass. Many will purchase life insurance to leave an inheritance for their loved ones future college tuition or for a payment on a house.

Debt Payments – Any debt you left behind when you pass can eat up any assets you had set aside. Your debt becomes the responsibility of your estate when you die. The executor of your estate will need to pay any debt you had, this could mean writing checks from your bank account or selling property to get the money if there is not enough there. Spouses are generally responsible for any debt because they are usually co-signers or joint owners. A life insurance policy could help offset that debt you may have.

Estate Taxes – A life insurance policy proceeds, payable named to a beneficiary, can avoid passing though probate. This makes the funds available immediately, your family will not have to wait for the estate to be settled (which could take six months or more). A tremendous amount financial damage could happen within that time. Life insurance can play an important role in your estate plan, if for no other reason to assist your family in short-term and/or long-term financial needs.

Here are the different types of Life Insurance we provide to people of Waterford and beyond. As well as the benefits to each type.

1

Whole Life

Simplified Issue

Small Amounts Available

Replacement of current Whole Life Policy (1035)

2

Universal Life

Larger Amounts

Qualify

Replacement of current Universal Life Policy

Final Expense grouped with Term

3

Term Life

Debt Coverage

Low Cost

Package with Universal life

Final Expense grouped with Term

We also have carriers that will issue you if you have COPD (Standard rate), diabetes, Cigar and pipe smokers and even if you are on oxygen for sleep apnea. Contact one of our Waterford representatives today with any questions.